Spotify Technology $SPOT Shares Sold by Panagora Asset Management Inc.

Panagora Asset Management Inc. reduced its holdings in Spotify Technology (NYSE:SPOT) by 13.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 61,625 shares of the company’s stock after selling 9,219 shares during the quarter. Panagora Asset Management Inc.’s holdings in Spotify Technology were worth $35,786,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. State Street Corp increased its position in Spotify Technology by 1.9% in the 4th quarter. State Street Corp now owns 4,712,249 shares of the company’s stock valued at $2,736,450,000 after acquiring an additional 89,951 shares during the period. Capital World Investors increased its position in Spotify Technology by 4.9% in the 4th quarter. Capital World Investors now owns 2,863,821 shares of the company’s stock valued at $1,663,024,000 after acquiring an additional 133,108 shares during the period. Fisher Asset Management LLC increased its position in Spotify Technology by 2.4% in the 4th quarter. Fisher Asset Management LLC now owns 2,665,512 shares of the company’s stock valued at $1,547,890,000 after acquiring an additional 62,887 shares during the period. Coatue Management LLC increased its position in Spotify Technology by 13.3% in the 3rd quarter. Coatue Management LLC now owns 1,803,173 shares of the company’s stock valued at $1,258,615,000 after acquiring an additional 212,006 shares during the period. Finally, Geode Capital Management LLC increased its position in Spotify Technology by 5.7% in the 4th quarter. Geode Capital Management LLC now owns 1,720,259 shares of the company’s stock valued at $991,223,000 after acquiring an additional 93,274 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $479.38 on Tuesday. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $785.00. The stock has a market cap of $98.69 billion, a PE ratio of 38.20, a price-to-earnings-growth ratio of 1.18 and a beta of 1.56. The business’s fifty day moving average is $482.58 and its 200-day moving average is $509.61.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.41 by $0.63. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The company had revenue of $5.25 billion for the quarter, compared to analysts’ expectations of $5.23 billion. During the same period last year, the firm earned $1.07 EPS. The firm’s revenue for the quarter was up 8.2% on a year-over-year basis. Equities research analysts predict that Spotify Technology will post 14.71 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on SPOT shares. Guggenheim lowered their target price on Spotify Technology from $600.00 to $565.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. JPMorgan Chase & Co. raised their target price on Spotify Technology from $600.00 to $650.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. The Goldman Sachs Group lowered their price target on Spotify Technology from $670.00 to $600.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Cantor Fitzgerald lifted their price target on Spotify Technology from $430.00 to $520.00 and gave the company a “neutral” rating in a research report on Tuesday, May 26th. Finally, Wells Fargo & Company lifted their price target on Spotify Technology from $580.00 to $600.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. Two research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $652.16.

Insiders Place Their Bets

In related news, CEO Alex Norstrom sold 5,436 shares of Spotify Technology stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $479.51, for a total value of $2,606,616.36. Following the transaction, the chief executive officer directly owned 69,989 shares in the company, valued at $33,560,425.39. The trade was a 7.21% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Gustav Soderstrom sold 20,833 shares of Spotify Technology stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $473.52, for a total value of $9,864,842.16. Following the completion of the transaction, the chief executive officer owned 20,609 shares in the company, valued at $9,758,773.68. The trade was a 50.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 111,442 shares of company stock worth $54,647,508. Corporate insiders own 0.40% of the company’s stock.

About Spotify Technology

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.